The October jump in butter prices in Russia was a record for the past 17 years.
Russia has been hit by a price crisis in the butter market; since the beginning of the year, this popular product has risen in price by more than a quarter due to problems with local producers. To meet demand, Russian authorities export butter from the UAE and Turkey.
The Moscow Times reports this.
Since the beginning of the year, the price increase for butter has reached 25.7%. At the same time, in the autumn months, the growth of prices became very rapid: in September, butter went up by 5.07%, and from October 1 to 28 – by 6.58%.
According to Rosstat, the October price jump was a record since October 2007.
The increase in prices is explained by the fact that local producers had difficulties servicing imported equipment, and in addition, there is a shortage of raw materials, a shortage of personnel and an increase in the Central Bank rate.
At the end of October, several large Russian factories partially or completely suspended the production and shipment of butter, including the company H&N, known under the brand name “Prostokvashino”.
The Ministry of Agriculture The Russian Federation reported that they began purchasing oil from the UAE on October 18, and that imports from Turkey began on October 27. The authorities are also negotiating the purchase of oil from India and Iran.
Recall that Russia's economic growth peaked during the war. Next year, analysts predict a sharp decline in economic indicators for the aggressor state, despite active military production.
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